The genesis of decentralised economy
Every voyage of great potential starts from within a great uncertainty. The 2007-2008 collapse of the economic systems around the world, triggered a digital revolution called bitcoin (1). Designed by an extraordinary brilliant programmer Satoshi Nakamoto, bitcoin was created with the idea of decentralization, immutability, fungibility, p2p asset transfer, public ledger, and a store of value.
During the crisis period, it was very clear that the working class around the world are being exploited and had no future in this inflationary economy. Like worker ants, their entire purpose is to run the economic machinery while having little to look forward to. Adhoc democratic governments are built on capitalistic ideology with no consideration to the larger percentage of the population. The larger part of the population in such a labour extraction existence are dehumanised and exploited at every step. They also have a limited part to play in policy and decision making. Any attempt to establish a better system is labelled anti-social and stigmatised.
In the case of bitcoin, the opposition and critiques incorrectly point to this as money laundering and speculative asset. They willfully ignore the fact, that bitcoin is a technological marvel built on a permissionless, immutable and distributed blockchain ledger that anyone can use in a futuristic p2p economy.
Below is a clip from the famous Charlie Chaplin comedy movie "Modern Times", where the assembly line workers are seen working reduced to a mindless entity. Even almost a century later, the state of the working class has improved by just a little. So much technological progress had put no contribution to uplifting the state of the poor, conservation of the environment and Global Warming prevention.
A new balancer
The price fluctuation in bitcoin is due to the network effect of both intrinsic and extrinsic factors. Often this is natural fluctuation is used to scare away noobs and the technology-antagonistic crowd. In addition, the security of the BTC network is through proof-of-work that requires energy-intensive cryptographic miners. This energy requirement is much less than what is collectively used by our several common household items. Although in a precise manner bitcoin is singularly supreme to the current inefficient rich-centric economy, the chaotic din of the cash-loaded mercenaries makes this a difficult fight.
Historically the idea of energy currency is was proposed by Herny Ford in 1921 (2). The idea behind such a global currency was the displacement of gold as a standard and competitive opportunity for all the nations. However, such a currency would not have been secure and easy to transmit. Moreover with the technology at that time it was not possible to store any data immutably.
Today in our hands we have this technology, that will last for generations. Certainly, cryptocurrency usage will only increase with time, with the entry of the next level of computation and technologies.
Alea Iacta Est: BTC
US Dollar and almost all of the other currencies are a FIAT contract, not backed by any physical assets. Bitcoin on the other hand is a cryptographically secured currency that represents an energy unit. The bitcoin supply is mathematically fixed to 21 million units, unlike the unlimited supply of dollars. Distributed Ledger Technology (DLT) with Byzantine Fault Tolerance and censorship-resistant p2p bitcoin tech is truly the beacon of hope of this century.
Let us all come together, contribute and acheive our financial freedom!
